{"id":1734453,"date":"2022-11-11T06:01:01","date_gmt":"2022-11-11T11:01:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1734453"},"modified":"2022-11-11T06:02:56","modified_gmt":"2022-11-11T11:02:56","slug":"amazon-makes-history-after-losing-1-trillion-in-market-value-amid-tech-stock-rout","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amazon-makes-history-after-losing-1-trillion-in-market-value-amid-tech-stock-rout\/","title":{"rendered":"Amazon Makes History After Losing $1 Trillion in Market Value Amid Tech Stock Rout"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famazon-makes-history-after-losing-1-trillion-in-market-value-amid-tech-stock-rout%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1734453&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.theepochtimes.com\/t-amazon\">Amazon<\/a> has become the first publicly traded company in history to lose $1 trillion in market valuation amid a volatile economy that has sparked a broad\u00a0tech selloff.<\/p>\n<p>The Jeff Bezos-founded company, valued close to $1.88 trillion on July 2021, saw its shares fall\u00a04.3 percent on Wednesday, pushing its market value down to\u00a0$878 billion. Amazon stock has lost nearly 50 percent of its value this year alone.<\/p>\n<p>The loss comes shortly after Amazon\u2019s market value fell below $1 trillion on Nov. 1 after the company posted disappointing results in its third-quarter earnings and\u00a0predicted less than spectacular sales for the upcoming important holiday shopping season.<\/p>\n<p>Amazon <a href=\"https:\/\/www.theepochtimes.com\/amazon-shares-plunge-after-tech-giant-forecasts-disappointing-holiday-sales_4826328.html\">reported<\/a>\u00a0revenue of $127.1 billion in the third quarter, narrowly missing out on\u00a0analysts\u2019 forecasts of\u00a0$127.5 billion,\u00a0while net income fell to $2.9 billion, or $0.28 per share, down about 9 percent from the third quarter a year prior.<\/p>\n<p>The\u00a0e-commerce giant also\u00a0projected the company\u2019s\u00a0slowest fourth-quarter growth ever, with between 2 percent and 8 percent growth compared with the fourth quarter of 2021.<\/p>\n<h2>Fears of Recession Grow<\/h2>\n<p>The pessimistic outlook comes as fears of a <a href=\"https:\/\/www.theepochtimes.com\/t-recession\">recession<\/a> grow amid sky-high inflation that many believe will result in weaker sales this year as\u00a0consumers cut back on spending and tighten their budgets.<\/p>\n<p>\u201cThere is obviously a lot happening in the macroeconomic environment, and we\u2019ll balance our investments to be more streamlined without compromising our key long-term, strategic bets,\u201d\u00a0Andy Jassy, Amazon\u2019s chief executive, said following the third quarter earnings report. \u201cWhat won\u2019t change is our maniacal focus on the customer experience, and we feel confident that we\u2019re ready to deliver a great experience for customers this holiday shopping season.\u201d<\/p>\n<p>Amazon saw its business boom\u00a0during the COVID-19 pandemic amid a surge in online shopping but has now joined other tech giants like\u00a0Google and Microsoft who have seen their stock price plunge this year amid a\u00a0widespread\u00a0stock market\u00a0sell-off.<\/p>\n<p>Combined, the top five U.S. technology companies by revenue have lost nearly $4 trillion in market value this year, according to Bloomberg.<\/p>\n<p>Brian Olsavsky, Amazon\u2019s chief financial officer, said on a\u00a0<a href=\"https:\/\/www.businessinsider.com\/amazon-q3-earnings-report-weak-stock-down-2022-10\">reporters\u2019 call<\/a> following the most recent results, that the company would be \u201ctaking actions to tighten our belt, including pausing hiring in certain businesses and winding down products and services.\u201d<\/p>\n<p>The latest loss to Amazon comes just a day after\u00a0Facebook\u00a0parent company Meta <a href=\"https:\/\/about.fb.com\/news\/2022\/11\/mark-zuckerberg-layoff-message-to-employees\/\">announced<\/a> it will slash more than\u00a011,000\u00a0jobs, reducing the\u00a0size of its team by about 13 percent, in what CEO\u00a0Mark Zuckerberg called \u201csome of the most difficult changes we\u2019ve made in Meta\u2019s history.\u201d<\/p>\n<p>Facebook will also be taking\u00a0a number of additional steps to become a \u201cleaner and more efficient company by cutting discretionary spending\u201d and extending its hiring freeze through the first quarter of 2023.<\/p>\n<p>Zuckerberg said the decision came after a macroeconomic downturn, increased competition, and a pullback in advertising dollars resulted in lower-than-expected revenue.<\/p>\n<p>\u201cAt the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,\u201d\u00a0Zuckerberg said in a blog post announcing the cuts. \u201cMany people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-katabella-roberts\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/ttl7dayERL_WEB_KatabellaRoberts.jpg\" alt=\"Katabella Roberts\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Katabella Roberts is a news writer for The Epoch Times, focusing primarily on the United States, world, and business news.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amazon has become the first publicly traded company in history to lose $1 trillion in market valuation amid a volatile economy that has sparked a broad\u00a0tech selloff.The Jeff Bezos-founded company,<\/p>\n","protected":false},"author":1,"featured_media":1697968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1734453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1734453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1734453"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1734453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1697968"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1734453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1734453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1734453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}